ADIB launches digital banking solutions as demand surges amid COVID-19

By Edil Corneille

Abu Dhabi Islamic Bank (ADIB) announced its high recorded levels of digital adoption across the retail and corporate banking services in the first half of 2020. The bank has launched several solutions to allow customers to have remote access to their banking services.

This month, the bank introduced a digital booking service enabling customers to schedule their branch visits ahead of time through the online banking platform and mobile banking app. In addition, customers can now virtually apply for personal finance, covered card or update their personal information such as their Emirates ID, Passport and contact details without having to personally visit the bank’s branches.

Philip King, Global Head of Retail banking, ADIB elucidated, “Digital banking is a central pillar of ADIB’s growth strategy. ADIB’s investment into its digital transformation strategy has yielded substantial benefits including strong customer and transactional growth. We are determined to build on this momentum by further enhancing our digital banking proposition, ensuring that customers have full access to ADIB’s comprehensive suite of banking services through our mobile app and online platforms.

“Recent unprecedented challenges have significantly accelerated the demand for banking channels that offer convenient, seamless and uninterrupted banking services. As a leading regional bank, ADIB is adapting to evolving customer needs while taking a long-term view that we are undergoing a paradigm shift in digital banking that will drive the sector’s growth in years to come.”

In the first half of 2020, nearly 60 per cent of ADIB’s retail customers have used digital channels, registering more than 2 million transactions every month as customers conduct a wide range of banking activities, such as applying for cards and financing or paying bills.

99 per cent of retail financial transactions including payments and fund transfers as well as 93 per cent of non-financial services including personal information updates were conducted digitally. There was a 25 per cent growth in June in the number of customers receiving instant finance through the app compared to the monthly average of the previous months. These statistics indicate a fundamental shift in customer behaviour and an increase in demand for a convenient and contactless banking experience.

The bank has also witnessed similar trends in its corporate banking segment where over 60 per cent of ADIB’s business customers have actively used ADIB Direct, a banking platform providing automated trade finance services. With recent enhancements to the platform, ADIB revealed that it generated a 65 per cent growth in digital payments and a 28 per cent increase in new users.